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Tradie Loans

Many go out of their way to procure themselves a source of income by learning a trade to work on it as an independent contractor or by starting up a repairs business. It all depends on the scope of the operation planned by the person looking to generate income. If you are looking to work on your own, tradie business loans might be your best option to finance your idea.

Currently, in Australia, the tradie industry generates around $90 billion in revenue to the country’s economy and over 500,000 independent contractors offer their services all over Australia. If we consider the population of the country of 24 million, there’s clearly a room for expansion there offering services to fix or repair whatever needs fixing under the sun.

Why Tradies need financing?

The tradies business cannot be administered with the strict settings demanded by established companies. More traders rely on their craftsmanship and their smarts to lead their operations. When they decide to expand their range of services they need the extra cash flow to get new equipment or to cover an expense that will help take their business to another level.

According to the Government Productivity Commission some of the most common tradie business loans requested by independent workers around the country are low doc car loans, secured and unsecured loans to cover equipment financing, business loan to finance existing operations and short-term-finance to cover small expenses.

Getting a tradie loan through the regular banking system

It’s always possible to ask for a loan using the regular banking system, they offer a fair deal under AU regulations and if you come prepared with a well-explained business proposal as well as a detailed body of financial records you’ll most likely get their business. After all the tradie industry injects a lot of money to the economy of the country.

The problem might come when you have to make your proposal as a new player in the industry. Inexperience is not well regarded in this market and a lack of certifications or even the tiniest red flag in your credit history could make instantly non-eligible. Bearing these facts into consideration you should always take the time to realize your actual financial condition to ask for a loan. If you find out that your situation is not exactly spotless you can always go for other alternatives.

The alternatives to the banking system

Tradie finance can also be explored using P2P lenders (also known as peer-to-peer). This alternative is also tied to a good credit history but it doesn’t have the restrictions the banking system has. These types of loans are usually handled by a third party who puts you in contact with an individual investor that grant the money and will negotiate the rates to pay the loan back.

Credit unions are also an option, but they ask some sort of documentation about your performance as an independent trader. You can also go with payday lenders, but their services are best reserved for shorts amount of money considering that most of them charge exorbitant fees and higher interests rates.

You can get a Tradie loan from Max Funding

Being a Tradie requires a great deal of focus and discipline. Money could be lost because of a single mistake, especially if you are an independent operator, it’s important to be business savvy when it comes to being a tradie. Charging what it’s right could become confusing but according to the numbers offered by servicesseeking.au, Australian traders in plumbing and electricity are among some of the most well-paid professionals in the country, with most of them charging between $77 to $85 for an hour of work. Low waging services like painters and landscapers are charging up to $45 for an hour of work. These levels of earnings mean that most of these workers run through productions costs like fire through powder.

This is why a Tradies needs loans from time to time. While it’s true that most of these professionals deal with cash, it’s also true that most of them may need instant access to a cash reserve to keep their operation running. The logistics of this variable are endless: the need cover the wages of hired help, the need to restock materials, covering insurance or even repairing a piece of equipment. Since banks can’t keep up to speed with the needs of an independent contractor time-wise, as a tradie business owner, you can always work with us.

Keeping your operation with Tradie business loans

Whatever the case may be: if you are starting out as a trader or if you have an established operation, working with Max Funding reports a number of benefits related to the dynamics of your business, the most relevant one being the immediate availability of cash to cover expenses. The other one is the little background check done to your finances to offer a grant. You don’t need to worry about your credit history. Max Funding offers some of the most flexible payment plans, allowing tradies to set up their lump payments according to their levels of earnings in any given month. As long as you keep your end of the deal, you won’t face any problems.

Applying for Tradie loans

Getting Max Funding to get a tradie loan is not complicated at all, you just need fill the application form on this page, provided along the loan options located on the front page. Be sure to provide every bit of information requested to secure your granting. The approval process should take 5 minutes. After you get pre-approval, just send us some basic documents by internet or post for verify. Once we done verification, the funding will allocated to your business account as fast as the same day.